Into The Close: Late Session EUR/USD Scalp Setup - Forex News by FX Leaders

Into The Close: Late Session EUR/USD Scalp Setup

Posted Friday, September 8, 2017 by
Shain Vernier • 1 min read

The EUR/USD has traded in an uptrend all week long, bringing the relative strength of the greenback into question. Currently, we have a pending trading signal facing the short side of the EUR/USD.

However, that is the beauty of trading. Multiple time frame analysis gives us the opportunity to make money on many different scales. The following EUR/USD trade idea is for scalping smaller profit targets.

With a bit of luck, we will profit from both trade ideas!

EUR/USD Scalp Play

The EUR/USD daily chart gives us some great levels for short term buys.

EUR/USD DailyEUR/USD Daily Chart

Key Support Levels:

  • 38% retracement of this week’s range at 1.2006

  • Psyche level at 1.2000

  • 50% retracement of this week’s range at 1.1980

Bottom line: I mentioned the upcoming release of the Consumer Credit metric in the previous update. This report may act as a catalyst for participation. In the event that it drives the market our way, tight 1:1 long scalps for a maximum of 5-10 pips may be had from 1.2006 to 1.2000.

If you are interested in possibly grabbing a few fast pips for the weekend, then this trade can deliver. For a trade with a broader scope, then check out the pending EUR/USD setup on the trading signals page.

As always, trade smart and for tomorrow!

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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